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Natural Gas: Buy at 218.40 & add on drop till 212 keeping stop-loss below 206 - IndiaNotes.com
Natural Gas: Buy at 218.40 & add on drop till 212 keeping stop-loss below 206
Achiievers Equities | Published: 16 May, 2017  | Source : IndiaNotes.com

Natural gas on MCX settled up 0.87% at 219.7 continuing its gains after data showed that natural gas supplies in storage in the U.S. rose less than expected last week. Prices also seen supported after federal regulators limited construction on a pipeline, a move that may delay new Appalachian supplies from reaching the market. Another fundamental factor supportive to natural gas is the trade plan with China announced Thursday by the Trump administration. Weather conditions have also been supportive to natural gas prices in recent sessions.


Natgasweather.com, in its latest weather forecast for the week beginning May 12th, a weather system and reinforcing cool shot will push across the northeastern US through the weekend. It will result in slightly stronger than normal heating demand as lows drop into the 40’s. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 45 billion cubic feet in the week ended May 5, below forecasts for a build of 53 billion. That compared with a gain of 67 billion cubic feet in the preceding week, an increase of 68 billion a year earlier and a five-year average rise of 73 billion cubic feet. Total natural gas in storage currently stands at 2.301 trillion cubic feet, according to the U.S. Energy Information Administration, 13.9% lower than levels at this time a year ago but 12.0% above the five -year average for this time of year.


RECOMMENDATION:

  • BUY NAT GAS AT 218.40 ADD ON DROP TILL 212 SL BELOW 206 TGT 228-238

 

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Achiievers Equities is one of India’s leading financial conglomerates, offering complete financial solutions that encompass every sphere of life. They have expertise in advisory services for both cash and derivative sides of capital and commodity market and are also distributors of savings/investment instruments like Mutual Fund, Bonds, IPO, Corporate Fixed Deposits and Insurance.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.